Ripple’s XRP has been on a remarkable bullish trajectory, breaking through the $2 barrier and continuing to ascend. As it sets its sights on higher price targets, XRP faces some short-term resistance that traders should watch closely.
XRP’s Breakthrough: Surpassing $2 and Encountering Resistance
In recent trading sessions, XRP has demonstrated a substantial price surge, successfully surpassing the $2 milestone. Crypto analyst Josh from Crypto World notes that once XRP clears this threshold, it often accelerates upward with remarkable speed. The next pivotal resistance level stands at $2.50, a target XRP has already neared. Should XRP manage to breach this barrier, the subsequent target is projected to be $2.75. This prediction is based on historical price movements from January 2018, when XRP achieved significant weekly closes in this range. At the moment, XRP has surged by over 11 percent, trading around the $2.73 mark.
Setting Sights on the $3 Milestone: Psychological and Fibonacci Hurdles
Looking further into the future, a significant price target looms at $3. This level not only acts as a psychological barrier but also aligns with a crucial Fibonacci extension point, specifically the 1.618 level. The $3 threshold is widely regarded as a milestone for numerous traders, indicating that XRP will likely encounter resistance as it approaches this point. However, before reaching the $3 mark, XRP must first navigate the resistance zones at $2.50 and $2.75. These levels are critical in determining whether XRP can maintain its upward momentum or will experience a reversal.
Key Support Levels in the Event of a Pullback
Should XRP face a pullback, traders should keep an eye on two major support levels. The first major support is at $2, a level that has already demonstrated its strength. If XRP experiences a more pronounced correction, the next support level to watch is around $1.60. Historically, this level has served as resistance and is likely to transition into a support zone if tested again.
In conclusion, Ripple’s XRP continues to show strong bullish movements with potential for further gains. However, traders should remain vigilant of the resistance levels and potential pullbacks to make informed trading decisions.
